Dubai Crypto Regulator Approves 50th Virtual Asset Service Provider License

Dubai's Virtual Assets Regulatory Authority (VARA) has granted its 50th virtual asset service provider (VASP) license, adding to the emirate's rapidly growing authorization pipeline.

The latest approval went to Tribe Tokenisation FZE, a tokenized-assets platform. VARA emphasized that holding an active license 'does not necessarily' indicate a firm has completed its commercial launch.

Newly licensed companies may move through a controlled operationalization phase before offering services or beginning onboarding customers.

As of the end of 2025, VARA classified 39 licensed VASPs as fully operational. The regulator is validating an updated figure for 2026.

VARA's 'activity-based' approach measures more than just compliance paperwork, considering transaction volumes, assets under management, staffing, and audited financial information when assessing how the sector is developing.